Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-02-03
FAvORS EXTENSION.
PACE WANTS THEIR LINE 10 REACH
HHw ORLEANS.
He Declines to Say Whether Jay Gould
10 interested in the
Deal, &C., &C.

A representative Of the Dispdtch
called on Mr.. James b. Pace, at his Of
fee in the rear Of the Planters National
Bank building, yesterday afternoon,
and asked il he could give any informa-
ton further than had already been pub
lished concerning the intentions of the
purchasers of the Southern Telegraph
Line He replied that he could not !;
that he had already, on the day of the
sale. said more than he ought to, and
some papers tout of the city, had pub
lished as coming from him statements
to the effect that the line would be ope-
rated independently and in opposition
to the Western Union; he had said no
thing that could be properly so con-
strued All that he had said was that
there would be reorganization of the
company, and that it would run sepa-
rate line.
THEIB POLICY NOT DECIDED UPON.
Mr.. Pace said the gentlemen inte-
rested in the purchase have not decided
what they will do, and will not until
they come into possession of the pro-
perty. He has only had about an hours
consultation with some of them. As
soon as the sale is confirmed and the
property turned over to its new owners
the company will be reorganized under
the present charter, or new one Will
be obtained, with changed provisions,
and an entirely new company be or
ganized. All of these matters will have
to be arranged after the property
changes hands.
WANTS TO GO FURTHER SOUTH.
"Will the line be extended further
south?" was asked Mr.. Pace.
He replied: THAT / am not able yet
TO say. The original idea was to build
the line to New Orleans, but it was
never carried further than Selma, Ala.
Personally. / am in favor, as are Others
interested with whom | have spoken,
of extending the line TO New Orleans,
and having it touch Birmingham and
Mobile, Ala, and Memphis, Tenn.
But. as / said before, nothing can be
definitely determined upon until the
company is organized and We get pos
session of the property"
TO run A SEPARATE LINE.
"Was Jay Gould interested in the
purchase ?" queried the reporter.
"This," said Mr.. Pace, 81 cannot
tell you. | can only repeat that com
pany will he organized which will run a
separate line. "
Mr.. Pace was very cautious always TO
use the word sCpdratc rather than dis
tinct or independent.
New York as well as Richmond gen
tlemen. believe. are interested in the
purchase, remarked the scribe.
eyes. sir, and it is probable that men
all along the line, and even further
South, will become interested. ! have
to-day received telegram from a gen
tleman in Augusta, Ga, saying that
he desires to invest III the stock. |
had to telegraph him in reply that |
had no power to act in the matter; that
he will have to wait until the company
10 OIEullLtNs
Bought In the Interest of the West
crn Union.
lBy Associated Press
NEw YORK, February 2.-The South
ern Telegraph Company, which was
sold under foreclosure proceedings at
Richmond, Va, Tuesday, was bought
in the interest of the Western Union
Telegraph Company, which has owned
a majority of the bonds for nearly a
year.
The price at which the property was
sold was S460, 600, but the price would
have been carried considerably higher,
it is said. if the United Lines Company,
whose last bid was $455, 900, had con
tinued the contest.
The acquisition of the actual control
does not affect the relations betweenth
companies because the contract was
made between them even before the
Western Union bought the majority OF
bonds. Since that time the contract
has been altered to meet the wishes of
the Western Union Company, which
was known to be the actual owner Of
the property. The sale now gives the
comuany LEGAL ownership.